MarineMax, one of the world’s largest recreational boat and yacht retailers, announced that it has entered into a final agreement to acquire Intrepid Powerboats, a leading manufacturer of powerboats. MarineMax expects the acquisition to close before December 31, 2021, and a gradual growth during the first entire twelve month period.
MarineMax is not only a boat retailer; it also sells marine-related products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 operational sites worldwide, including 77 retail dealership locations and 31 marinas or storage operations.
Intrepid Powerboats is renowned as a world-class producer of customized boats, creating boats that reflect each owner's unique desires. Located in Largo, Florida, Intrepid follows a direct-to-consumer distribution model, allowing the company to capitalize on a more extensive client base more effectively than its competitors. As a result, Intrepid turned over revenue in excess of $60 million during the last twelve months.
High-quality craftsmanship and innovation underpin Intrepid's ambitious spirit allowing them to create industry-leading products in their categories. Intrepid has numerous awards and accolades under its belt to further demonstrate its ability to develop original powerboats.
W. Brett McGill, Chief Executive Officer and President of MarineMax, stated, “The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”
Ken Clinton, President of Intrepid Powerboats, commented, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us continue to lead the industry in innovation and bringing new products to market. This opportunity also allows our Vice President of Sales, Alex Rizo, to have access to better tools to help enhance the sales experience for our Dania sales headquarters. We will now also have a national service model for our Vice President of Customer Service, Joe Brenna, in order to ensure all of our customers continue to have first-class customer service. The merger allows Intrepid to take all aspects of the business to the next level, and that’s what we have always been about and why I am excited about the future with MarineMax.”
David Gillikin, Chairman of Intrepid Powerboats and majority shareholder, stated, “I am very passionate about Intrepid Powerboats, the Intrepid team and our customers. There is no organization better suited to help guide Intrepid for the future than MarineMax. I look forward to many more years as a loyal Intrepid boat owner while watching the company and team grow.”